Saudi fintech startup Lean explores deals ahead of IPO
- ByStartupStory | November 11, 2025
Lean Technologies, a Saudi Arabian fintech infrastructure startup, is actively exploring new business deals and investments as it prepares for a potential initial public offering (IPO) in the near future. Founded in 2019 and headquartered in Riyadh, Lean has carved out a strong position in the region by providing core financial APIs that enable businesses to securely access consumer-authorized bank data and initiate payments in real time, under fully regulated environments.
The company focuses on open banking and pay-by-bank solutions, which allow direct account-to-account transactions. These are more cost-efficient alternatives to conventional card-based payments and reduce technical and regulatory barriers for its clients to innovate in financial services. Lean has built a broad client base of more than 300 enterprise customers and financial institutions across the UAE and Saudi Arabia, handling over $2 billion in transaction volume, with projections to surpass $2 billion in annualized volume in the UAE alone by year’s end.
Lean secured a notable $67.5 million Series B funding round in early 2025, led by major global investors such as Sequoia Capital, General Catalyst, and Bain Capital Ventures, bringing its total funding to over $100 million. The capital will support the scaling of Lean’s open banking and pay-by-bank offerings, expansion of its product suite, and strengthening of regional partnerships.
Chief Executive Officer Hisham Al-Falih highlighted the startup’s focus on deepening regulatory engagement and product innovation as key priorities while preparing for a strategic IPO. The company is closely working with financial regulators across the Gulf Cooperation Council (GCC) countries to help shape the emerging open finance ecosystem, which broadens access beyond traditional bank accounts to include loans, investments, insurance, and savings data.
Lean recently received a license from Abu Dhabi Global Market’s Financial Services Regulatory Authority and in-principle approval from the Central Bank of the UAE, enabling its expansion across the rapidly evolving Middle Eastern financial landscape. The startup’s platform supports a wide range of applications from onboarding and credit scoring to payment processing and account verification, driving efficiency and transparency in financial services.
As Saudi Arabia and the UAE roll out major regulatory reforms to foster financial innovation and digital economy growth, Lean is well positioned to capitalize on the rising demand for faster, safer, and more inclusive financial infrastructure. Lean views the move toward open finance as a transformative opportunity to unlock new financing solutions for businesses and consumers, underscoring its broader mission to bridge fintech infrastructure gaps that have historically hindered regional innovation.
With its current momentum, significant funding, and strategic regulatory partnerships, Lean Technologies is emerging as a leading fintech platform in the region, poised to make a strong public market debut. The company’s long-term vision includes delivering enhanced digital financial services and playing an integral role in shaping the Gulf’s next-generation fintech ecosystem.
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